The National Assembly resolved to continue reducing VAT by 2% until the end of 2024.

The National Assembly agreed to continue reducing VAT by 2% until the end of this year. This was reflected in Resolution No. 7 of the National Assembly, which was voted on and passed at the closing session on the morning of June 29th.

Accordingly, the National Assembly resolved: to continue reducing the value-added tax rate by 2% for the groups of goods and services specified in point a, section 1.1, clause 1, Article 3 of Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies supporting the socio- economic recovery and development program during the period from July 1, 2024 to December 31, 2024.

Delegates attending the 7th Session of the 15th National Assembly

The 2% reduction in VAT applies to certain groups of goods and services. Sectors that remain exempt from this reduction include real estate, securities, banking services, telecommunications, information technology, coke, chemical products, and goods and services subject to excise tax.

Extending the 2% tax reduction by another six months is expected to decrease budget revenue in the second half of this year by approximately 24,000 billion VND. Overall, the estimated budget reduction for the whole year is nearly 47,500 billion VND.

The National Assembly assigns the Government the responsibility to organize the implementation of policies to ensure the achievement of the set targets; to manage and implement revenue collection tasks without affecting the revenue and budget deficit estimates for 2024 as stipulated in the National Assembly Resolution; and to ensure revenue for planned expenditures and urgent emerging needs.

Source: https://kinhtedothi.vn/quoc-hoi-quyet-nghi-tiep-tiep-giam-2-thue-vat-den-cuoi-nam-2024.html